Finance

In the finance sector there are an increasing number of Fintechs emerging alongside classic banks. In recent years, this has created competitive environments amongst them, as well as numerous partnerships. It is, above all, where established financial institutions and innovative Fintechs cooperate with each other that many lucrative solutions emerge which meet customer expectations very specifically.

Finance Case Study

We have provided our innovative IDaaS solution to a number of leading financial services institutions.

Usability

Your solutions or products should not only be available online but also on mobile. After all, transactions are nowadays increasingly finalised using mobiles.

We’ve taken this into account in the development of our products IDnow VideoIdent and IDnow eSign. They can be used both via the web and by iOS and Android app. Apart from outstanding usability, in the finance sector, regulatory factors are also of paramount importance.

Legally Compliant

Video Identification

Since the approval of video identification in compliance with the Money Laundering Act in Germany in 2014, many financial institutions and Fintechs have opted for this way of doing digital onboarding. It offers significant advantages for both banks and companies, as well as their customers. The appropriate solution for this is called IDnow VideoIdent. It has also been used in Switzerland since 1 March 2016 and in Austria since 3 January 2017.

eSigning

On 1 July 2016, the eIDAS EU regulation was introduced. Amongst other things, it regulates the qualified electronic signature (QES), which replaces manual signatures for digital contracts. The so-called eSigning process avoids media disruption since the electronic document no longer has to be printed out, signed and then sent by post. Moreover, the QES offers a high level of legal security. This naturally places a great deal of emphasis on the providers of such eSigning processes. They have to undergo strict quality controls beforehand and be certified by qualified auditors such as TÜViT. Thanks to eIDAS, qualified electronic signatures are recognised throughout the EU and have the same security standard in all Member States. This can be implemented with IDnow eSign.

Maren HeißHead of eCommerce for Private Banking at Commerzbank AG

Use Cases

All processes during which you have to identify your customers according to the BaFin (Federal Financial Supervisory Authority) can be carried out using the solution which is compliant with the Money Laundering Act: IDnow VideoIdent . If you wish to have contracts digitally signed which require a manual signature, IDnow eSign is the solution of choice. Please take note of the following examples.

Account Opening

If you would like to offer your customer a convenient way of opening an account via video chat, you must ensure that your solution covers all platforms that your customers use – from desktop to mobile, from Android to iOS. Your customers select the online account opening option using your app or your website. They are then taken directly to the video identification via our, or your, identity centre. After successful identification, the customer data will be transmitted to you immediately. Thereupon, the opening of the new account can immediately take place.

ProductSelection

The interested party selects a product on your website

Start of the IDnow process

ExpertIdentification

The identity expert identifies interested parties using the IDnow software during a process in compliance with regulations

IDTransmission

Immediate transmission of the identification data to you

An interested party becomes a customer and can use their account forthwith

Securities Account Opening

If customers wish to open a securities account online, apart from ascertaining their identity, a securities account contract must be signed. Both can be done during an online process. In doing so, the required handwritten signature can be achieved via the digital process using the qualified electronic signature (QES). Online identification proceeds exactly as described for “account opening” . Following this, the customer views their credit contract again and confirms contract conclusion by ticking the appropriate box and by entering a TAN. The entire process takes approximately less than five minutes and complies with both national and European (eIDAS) laws.

ProductSelection

The interested party selects a product on your website

Start of the IDnow process

ExpertIdentification

The identity expert identifies interested parties using the IDnow software

Contract signing by qualified electronic signature (QES) as part of the video chat

IDTransmission

Immediate transmission of the identification and contract details to you

An interested party becomes a customer and can use the product forthwith

We are happy to send you more information. Simply send us an email or contact us via our contact form.